UBS: Another fine mess
UBS was already one of the main victims of the calamitous losses being suffered by global banks on their exposure to US subprime lending.
But there had been a hope that it and other banks were over the worst.
Today's announcement that the giant Swiss bank has made a loss of around £6bn in the first three months of the year - due to losses of £9.5bn on what it describes as exposure to US real estate - may unnerve both its shareholders and the markets, although analysts had been expecting more bad news from UBS of this sort for some time.
There had been criticism of UBS's chairman, Marcel Ospel, for weeks - so it is no surprise that he is now quitting.
And the bank is taking steps to make sure it can weather the global financial storm by raising £7.5bn in new equity from its shareholders in a rights issue.
But investors have heard before from UBS that it had identified its problems and taken steps to remedy them.
Earlier this year it raised more than £5bn from the government of Singapore and around £1bn from a Middle East investor.
They may be feeling a bit sore that they invested at the wrong time and the wrong price - although UBS's decision to raise new capital gives them the right to renegotiate the terms of their investment.
As for other investors, they will be concerned about what other nasties may lurk at other banks.
Only today Deutsche Bank said it estimates its writedowns on loans and investments were almost £2bn in the first quarter of this year, mostly due to worsening conditions in the US mortgage market. That represents a significant rise in such losses for Germany's biggest bank.